# Panel Cointegration Tests

| Test | Variables | N countries | Pooled t | p-value | Reject rate (5%) |
|---|---|---|---|---|---|
| Kao bivariate | log_reer ~ Z₁ | 104 | -26.172 | 0.0000 | 100.0% |
| Kao multivariate | log_reer ~ Z₁+Z₂+Z₃+gdp_pc | 103 | -36.446 | 0.0000 | 100.0% |

*H₀: no cointegration. Reject → level regression well-specified.*